Comcast, AT&T trickle down $1K bonuses to employees after corporate tax bonanza


The bill reduces the corporate tax rate to 21% from 35% while allowing a one-time repatriation of overseas cash.

That's the dynamic we have been facing the last couple days, as modern-day Inspector Clouseaus sift through corporate news releases, scrutinizing the motives of major companies that have suddenly announced big holiday bonuses for workers and millions in new investments.

"Newly passed tax legislation includes a reduction in corporate tax rates created to spur economic growth".

AT&T said it would follow through on a pledge it made November 8 to invest $1 billion more in its networks if the legislation was approved.

Comcast: $1,000 bonus to each of about 100,000 workers and more than $50 billion in "infrastructure investments" in the next five years.

US President Donald Trump speaks about the passage of tax reform legislation on the South Lawn of the White House in Washington, DC, December 20, 2017.

Wells Fargo: The company announced a $15 an hour wage raise for workers, though it did not link it to the passage of the tax bill.

The longer-term outlook is more complicated because Congress chose to make corporate tax cuts permanent while setting most individual provisions to expire after 2025, leaving the eventual effect on middle-class households up to the changing political winds.

DONALD Trump's landmark tax cut has seen firms dishing out bonuses and wage rises across the USA.

AT&T said it will pay a $1,000 bonus to 200,000 workers once the tax bill passed Wednesday is signed into law.

More news: Female Kicker Makes History in Texas High School Championship Game

Chairman, President and Chief Executive Officer Dennis Muilenburg praised the tax bill passed by Congress and about to be signed into law as a critical driver of business, economic growth and innovation for the United States and for Boeing.

Companies such as AT&T and Comcast are providing the clearest link yet between the recently passed tax cuts and extra money for regular taxpayers.

Randall Stephenson, AT&T's chief executive, said in a statement, "Congress, working closely with the president, took a monumental step to bring taxes paid by USA businesses in line with the rest of the industrialized world". "Two minutes ago, they handed it to me".

The President's plan was approved by the Senate yesterday in what is the biggest overhaul of America's tax system in more than 30 years.

In her Thursday news conference, House Minority Leader Nancy Pelosi, D-Calif., singled out AT&T by name.

If one of the goals of the companies was for their announcements to generate headlines and be seen by Trump, they succeeded.

Republican Speaker of The House Paul Ryan said as the bill was voted through: "Today we are giving the people of this country their money back".

The list of companies keeps growing, but here's what we have so far.

"It is such important, meaningful relief", Ivanka Trump replied.